Core Viewpoint - The article emphasizes the strategic opportunities and responsibilities of China's capital markets as they enter the "15th Five-Year Plan" period, focusing on high-quality development and reform initiatives across various exchanges [3][4][6]. Group 1: Shanghai Stock Exchange (SSE) - SSE aims to enhance market stability and investor confidence by improving risk monitoring and promoting high-quality listed companies through actions like dividend repurchases [4]. - The exchange will leverage the Sci-Tech Innovation Board as a testing ground for reforms, focusing on attracting resources to strategic emerging industries [4]. - SSE is committed to strengthening regulatory measures against fraud and enhancing investor protection through technology [4][5]. Group 2: Shenzhen Stock Exchange (SZSE) - SZSE plans to enhance its institutional adaptability to foster a high-quality listing environment, particularly for innovative companies [8][9]. - The exchange will promote coordinated development of investment and financing, encouraging companies to increase dividends and share buybacks [9]. - SZSE aims to strengthen its international presence by enhancing communication and cooperation within the Greater Bay Area and expanding its global outreach [9][10]. Group 3: Beijing Stock Exchange (BSE) - BSE expresses gratitude towards the Securities Times for its support in promoting market development and aims to enhance collaboration for capital market reform [13]. - The exchange emphasizes the importance of media in conveying market policies and fostering a positive environment for high-quality development [13]. Group 4: Dalian Commodity Exchange (DCE) - DCE focuses on enhancing its product offerings and risk management tools, successfully launching new futures and options to meet industry needs [26]. - The exchange is committed to expanding its international reach by increasing the number of products available to foreign investors [26][27]. - DCE aims to strengthen its governance and operational standards to align with international practices [26]. Group 5: Zhengzhou Commodity Exchange (ZCE) - ZCE emphasizes the importance of political leadership and regulatory compliance in maintaining market stability and supporting the real economy [20][21]. - The exchange plans to enhance its service capabilities by developing new products and expanding its role in supporting national strategies [21][22]. - ZCE aims to improve investor education and protection mechanisms to foster a more informed investment environment [22]. Group 6: Guangzhou Futures Exchange (GFE) - GFE is committed to promoting green development and supporting the transition to a low-carbon economy through innovative financial products [31][34]. - The exchange plans to enhance its market functions by introducing new green commodities and expanding its international partnerships [34][35]. - GFE aims to align its operations with national strategies for sustainable development and actively participate in global green finance initiatives [35][36].

2025年，在中国证监会的坚强领导下，上期所坚决落实习近平总书记考察重要指示精神，深入学习贯彻党的二十 大和历次全会精神、中央纪委四次全会和中央经济工作会议部署，紧扣防风险、强监管、促高质量发展的工作主 线，锚定"加快建成世界一流交易所"目标，各项重点领域工作取得显著成效。 岁序更替，华章日新。在这辞旧迎新、继往开来的美好时刻，上海期货交易所向一直以来信任与支持我们的广大 市场参与者、会员公司、产业界伙伴、金融机构、新闻媒体和社会各界朋友，致以衷心的感谢和祝福！ 一年来，上期所持续完善品种布局，增强产品功能，服务现代化产业体系建设，促进新质生产力形成。成功上市 铸造铝合金、胶版印刷纸期货和期权，以及燃料油、石油沥青、纸浆期权。以标准化和市场化手段助力有色、钢 铁、石化等产业转型升级。高水平制度型对外开放迈出坚实步伐，合格境外机构投资者(QFII)可参与交易的品种 增至32个，实施通用型国际化业务规则，为一体化开放奠定基础。天然橡胶期货交割结算价授权境外，"中国价 格"服务全球能力进一步增强。进一步提升服务产业、服务实体的枢纽功能，集团交割业务有序开展，钢材厂库交 割更加便利，为企业降本增效和风险管理提供有力支 ...

"十五五"开局之际，八大交易所共同发声，擘画蓝图。 上交所：锚定"十五五"新征程 以改革创新之笔绘就资本市场高质量发展新图景 岁序更替，华章日新。2026年是"十五五"规划开局之年。未来5年是基本实现社会主义现代化夯实基 础、全面发力的关键时期，也是资本市场进一步迈向高质量发展的战略机遇期。立足新的历史方位，资 本市场肩负着更加精准有力服务社会主义现代化建设的时代使命。上海证券交易所将紧紧围绕职责定 位，以稳扎稳打的务实举措，推动新征程上资本市场改革发展稳定各项任务落地见效。 回望"十四五"时期，上交所聚焦防风险、强监管、促高质量发展主线，主动融入国家经济社会发展大 局，稳步推进世界一流交易所建设。目前，上交所已成为全球第三大股票市场、全球最大交易所债券市 场、亚洲第二大ETF市场，期权交易量也稳居全球同类产品前列。展望"十五五"，上交所将深入贯彻习 近平总书记关于金融工作的重要论述、指示批示精神，和党中央国务院决策部署，在中国证监会的坚强 领导和中央纪委国家监委驻中国证监会纪检监察组的有力监督下，坚守资本市场的政治性、人民性，坚 持稳中求进、提质增效，紧扣防风险、强监管、促高质量发展工作主线，系统谋划新时期 ...

Core Viewpoint - The article discusses the strategic plans and goals of various Chinese stock exchanges as they embark on the "15th Five-Year Plan" period, emphasizing the importance of high-quality development and the role of capital markets in supporting the modernization of the economy [2][5][10]. Group 1: Shanghai Stock Exchange (SSE) - SSE aims to enhance market stability and maintain a focus on risk prevention, regulatory strength, and promoting high-quality development [3][4]. - The exchange plans to leverage the Sci-Tech Innovation Board as a testing ground for reforms and to attract resources towards strategic emerging industries [4]. - SSE emphasizes the importance of strong regulatory measures to combat fraud and ensure investor protection [4][5]. Group 2: Shenzhen Stock Exchange (SZSE) - SZSE is committed to enhancing the adaptability of its systems to foster a high-quality listing environment and support innovative companies [8][9]. - The exchange aims to promote coordinated development of investment and financing, encouraging companies to increase dividends and share buybacks [9]. - SZSE plans to strengthen its international presence and enhance its role as a bridge for global investment [9][10]. Group 3: Dalian Commodity Exchange (DCE) - DCE focuses on expanding its product offerings and enhancing risk management tools to better serve the real economy [24][25]. - The exchange aims to improve its international influence by increasing the number of products available to foreign investors [24][25]. - DCE emphasizes the importance of regulatory compliance and market stability in its operations [24][25]. Group 4: Zhengzhou Commodity Exchange (ZCE) - ZCE is dedicated to enhancing its service to the real economy and supporting national strategies through its product offerings [19][20]. - The exchange plans to strengthen its regulatory framework and improve market communication to foster a healthy investment environment [21][20]. - ZCE aims to leverage technology to enhance its regulatory capabilities and ensure market stability [21]. Group 5: China Financial Futures Exchange (CFFEX) - CFFEX is focused on enhancing its service quality to the real economy while maintaining a strong regulatory framework [28][29]. - The exchange aims to promote long-term capital inflows and improve market resilience through effective risk management [28][29]. - CFFEX emphasizes the importance of collaboration with media to enhance market transparency and public trust [29]. Group 6: Guangzhou Futures Exchange (GFE) - GFE is committed to supporting green development and the transition to a low-carbon economy through its product offerings [30][33]. - The exchange plans to enhance its international cooperation and expand its influence in the global market [33][34]. - GFE aims to innovate its product lineup to better meet the needs of the emerging green economy [34].

辞旧迎新，新年肇始。中国期货业协会向《期货日报》广大读者和所有关心支持中国期货市场发展的各 界朋友，致以诚挚的节日问候和衷心的感谢！ 回望"十四五"时期，我国期货市场在服务实体经济高质量发展方面发挥了重要作用。期货和衍生品法的 颁布实施，为打造一个安全、规范、透明、开放、有活力、有韧性的资本市场提供了坚强的法治保障， 筑牢了行业发展根基。国务院办公厅转发的中国证监会等部门《关于加强监管防范风险促进期货市场高 质量发展的意见》构建了全方位、立体化的期货市场发展与监管布局。五年来，期货公司加速向专业 化、科技化的综合衍生品服务商转型，积极拓展场外衍生品、做市与风险管理业务，加快人工智能和大 数据在智能投研、风控合规等场景应用，提升运营效能。期货风险管理公司通过商品互换、基差交易等 定制化工具广泛服务产业，做市品种不断扩容，显著改善流动性与套保效果。"保险+期货"持续扩面提 质，覆盖生猪、大豆、苹果等品种，成为服务乡村振兴的重要抓手。期货行业正从通道型中介深度融入 实体经济，以更规范、高效、专业的姿态，服务中国式现代化。 "长风破浪会有时，直挂云帆济沧海。"2026年是"十五五"规划的开局之年，以习近平同志为核心的 ...

云程发轫，万里可期。新的一年，上期所将深入贯彻落实党的二十届四中全会精神，围绕"十五五"时期 资本市场战略任务和重大举措，牢牢把握"六个坚持"，优化产品功能体系，筑牢风控监管防线，构筑对 外开放高地，持续提升"上海价格"的国际影响力，用矢志不渝的砥砺奋斗，创世界一流的实绩。 2025年，在中国证监会的坚强领导下，上期所坚决落实习近平总书记考察重要指示精神，深入学习贯彻 党的二十大和历次全会精神、中央纪委四次全会和中央经济工作会议部署，紧扣防风险、强监管、促高 质量发展的工作主线，锚定"加快建成世界一流交易所"目标，各项重点领域工作取得显著成效。 一年来，上期所持续完善品种布局，增强产品功能，服务现代化产业体系建设，促进新质生产力形成。 成功上市铸造铝合金、胶版印刷纸期货和期权，以及燃料油、石油沥青、纸浆期权。以标准化和市场化 手段助力有色、钢铁、石化等产业转型升级。高水平制度型对外开放迈出坚实步伐，合格境外机构投资 者（QFII）可参与交易的品种增至32个，实施通用型国际化业务规则，为一体化开放奠定基础。天然橡 胶期货交割结算价授权境外，"中国价格"服务全球能力进一步增强。进一步提升服务产业、服务实体的 枢纽 ...

岁序更替，华章日新。在这辞旧迎新、继往开来的美好时刻，上海期货交易所向一直以来信任与支持我们的广大 市场参与者、会员公司、产业界伙伴、金融机构、新闻媒体和社会各界朋友，致以衷心的感谢和祝福！ 2025年，在中国证监会的坚强领导下，上期所坚决落实习近平总书记考察重要指示精神，深入学习贯彻党的二十 大和历次全会精神、中央纪委四次全会和中央经济工作会议部署，紧扣防风险、强监管、促高质量发展的工作主 线，锚定"加快建成世界一流交易所"目标，各项重点领域工作取得显著成效。 云程发轫，万里可期。新的一年，上期所将深入贯彻落实党的二十届四中全会精神，围绕"十五五"时期资本市场 战略任务和重大举措，牢牢把握"六个坚持"，优化产品功能体系，筑牢风控监管防线，构筑对外开放高地，持续 提升"上海价格"的国际影响力，用矢志不渝的砥砺奋斗，创世界一流的实绩。 一年来，上期所持续完善品种布局，增强产品功能，服务现代化产业体系建设，促进新质生产力形成。成功上市 铸造铝合金、胶版印刷纸期货和期权，以及燃料油、石油沥青、纸浆期权。以标准化和市场化手段助力有色、钢 铁、石化等产业转型升级。高水平制度型对外开放迈出坚实步伐，合格境外机构投资者（Q ...

一年来，上期所持续完善品种布局，增强产品功能，服务现代化产业体系建设，促进新质生产力形成。 成功上市铸造铝合金、胶版印刷纸期货和期权，以及燃料油、石油沥青、纸浆期权。以标准化和市场化 手段助力有色、钢铁、石化等产业转型升级。高水平制度型对外开放迈出坚实步伐，合格境外机构投资 者（QFII）可参与交易的品种增至32个，实施通用型国际化业务规则，为一体化开放奠定基础。天然橡 胶期货交割结算价授权境外，"中国价格"服务全球能力进一步增强。进一步提升服务产业、服务实体的 枢纽功能，集团交割业务有序开展，钢材厂库交割更加便利，为企业降本增效和风险管理提供有力支 撑，遍布全国的138个产融服务基地注入更多新活力。同时，不断夯实市场风险管理，保障系统安全运 行，市场稳健运行，有力保护投资者合法权益。上期所正不断探索中国特色期货监管制度和业务模式， 服务国际金融中心建设，向着建成世界一流交易所的目标阔步迈进。 云程发轫，万里可期。新的一年，上期所将深入贯彻落实党的二十届四中全会精神，围绕"十五五"时期 资本市场战略任务和重大举措，牢牢把握"六个坚持"，优化产品功能体系，筑牢风控监管防线，构筑对 外开放高地，持续提升"上海价格 ...

转自：新华财经 新华财经上海12月19日电（刘玉龙 葛佳明） 19日，上海期货交易所副总经理陆丰在参加"2025大宗商品 国际化发展大会"时表示，展望未来，上期所将深入贯彻落实"十五五"时期的新部署、新要求，将自身 发展放在国家战略布局、上海建设"五个中心"以及提升重要大宗商品的价格影响力三大维度统筹谋划， 聚势聚力加快建成世界一流交易所，为实体经济发展提供高质量服务，为金融强国、贸易强国建设贡献 更大期货力量。 陆丰介绍了四方面的主要工作。 一是丰富产品供给，加快上市液化天然气、瓦楞原纸等期货及期权，加强电力等重大战略性品种的研发 储备。 三是以高标准的业务模式，增强贸易发展活力。上期所深入研究新时代期货市场发展规律，立足我国国 情市情，吸取境外成熟市场有益经验，聚焦交割领域，积极探索中国特色业务模式，为现代化物流体系 建设提供支撑。如在机制优化方面，年内对黄金、纸浆、天然橡胶和20号胶期货品种的交割结算价计算 方式进行优化，更加贴合现货贸易惯例；新增交割库28个，交割品牌75个，为贸易主体提供更广泛的供 应链支撑。 四是以高水平的对外开放，促进跨境贸易发展。目前，有6个品种面向境外交易者直接开放、32个品 ...

Group 1 - The "Vibrant China Research Tour" event highlighted the Shanghai Futures Exchange (SHFE) as it showcased new futures and options products, including printing paper futures and options, fuel oil, asphalt, and pulp options, indicating the expanding influence of "Shanghai pricing" [1] - SHFE has listed a total of 25 futures and 18 options products, with five futures and oil options directly open to foreign investors, allowing qualified foreign investors to participate in trading for 32 futures and options products [6] - The SHFE has established a comprehensive and effective trading operation, self-regulation, and risk control system, supporting a safe and efficient market operation, and has launched various brand projects to enhance market services [7] Group 2 - The number of overseas clients at SHFE has been steadily increasing, with growing participation and enhanced international recognition, as evidenced by the listing of Shanghai rubber futures on the Osaka Exchange [7] - In 2024, SHFE achieved a trading volume of 2.401 billion contracts and a transaction value of 233.95 trillion yuan, maintaining the highest trading amount among domestic exchanges for five consecutive years [7]